Overview of Chapter 13
Dallas Chapter 13 Bankruptcy Attorney
Plano Chapter 13 Bankruptcy Attorney
Chapter 13 bankruptcy is also called a repayment bankruptcy. It was designed for “wage earners,” but any regular soucre of income can support a repayment plan. Typically, a Chapter 13 case is filed by those who are behind on house or car payments, those who do not qualify for Chapter 7 relief, or those with debts that will not be erased in a Chapter 7, such as some taxes or delinquent child support. Still others choose Chapter 13 if they have assets they wish to keep that would otherwise be lost in a Chapter 7 case.
A person who files Chapter 13 makes monthly payments to a trustee under a payment plan. In turn, the trustee pays creditors as ordered by the Bankruptcy Judge. The plan allows payments over a period of time that otherwise would have been past due. By engaging in a payment plan, the person avoids the liquidation of valuable assets and gains valuable time. Upon successful completiton of the payment plan, most debts are erased and discharged, some even if not paid in full.
Chapter 13 bankruptcies typically take three to five years to complete,a significantly longer period of time than that of a Chapter 7 bankruptcy. The end result, however, can be well worth it: keep assets and extend payment terms. In some cases, interest rates can also belowered. If you are struggling with an overwhelming debt load and are worried about losing valuable assets such as your home or vehicle, contact a Plano and Greater Dallas bankruptcy attorney as soon as possible. A Chapter 13 bankruptcy may provide just the relief you need. An attorney at The Law Offices of Arnove & Wiley can provide you with advice and guidance that may lead to a fresh start and financial freedom.
The Law Offices of Arnove & Wiley is dedicated to providing individuals with high quality professional legal assistance in bankruptcy cases of all types. We are available to assist you in determining the best course of action and, when appropriate, leading you through the complications of the bankruptcy system. Contact our offices right away if you are considering Chapter 13 bankruptcy, and we will thoroughly review your situation in and provide you the legal advice that will best serve your financial needs.
We’re here to help you. Don’t delay. Contact us today.